real estate

Arguably the most significant changes in residential real estate transactions in 40 years are now occurring.

The federal Dodd-Frank Act created the Consumer Financial Protection Bureau in 2011, in the midst of and to a large extent in reaction to the residential mortgage crisis then sweeping the nation. Concerned that residential mortgage lenders were not being sufficiently transparent with borrowers and that significant lender’s charges were not being disclosed until the closing, the CFPB developed new forms and procedures that are now effective for residential mortgage loan transactions for which applications were made on and after October 3, 2015.